Nationwide Mutual Insurance agrees to settle class action lawsuit for $6 million

As reported by Columbus Dispatch on Thursday, a Rhode Island man sued Ohio based Nationwide Mutual Insurance in 2005 over wrong charges of insurance premium. The litigation lawyers for the Ohio based Nationwide Mutual Insurance Company have decided to settle the 2005 case with a $6 million settlement proposal.

According to the plaintiffs attorneys, in the initial legal action filing, Nationwide charged insurance policy consumers more than the guaranteed maximum premium on certain term life-insurance policies.

The Court documents revels that the $6 million settlement proposal is still waiting for the final approval before the judge in Franklin County Common Pleas Court on June 5, 2009.

The class-action litigation also alleges as many as 200,000 customers issued insurance policies between February 10, 1990 through February 2, 2006.

The lawsuit estimated financial damages to Nationwide customers at $9.3 million and executives at Nationwide have maintained no corporate wrongdoing.

Source: .justicenewsflash

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